Obama sends Congress $3.77 trillion spending plan

Obama sends Congress $3.77 trillion spending plan

WASHINGTON (AP) - President Barack Obama is sending Congress a $3.77 trillion spending blueprint that seeks to achieve an elusive “grand bargain” to tame runaway deficits by raising taxes further on the wealthy and trimming popular benefit programs such as Social Security. The president’s proposal being unveiled today includes an additional $1.8 trillion in deficit reduction over the next decade, bringing total deficit savings to $4.3 trillion, based on the administration’s calculations.